2019 Annual Report

Declarations and code of ethics

People at the heart of our values

Humania Assurance is committed to ethical principles of fair treatment, governance, compliance and integrated risk management.

Declaration of Governance, Compliance and Integrated Risk Management


Governance is the body of rules and principles to which the company, its directors and its officers must adhere in the performance of their functions to ensure the organization’s sound management and financial profitability. It defines the role and responsibilities of the Boards of Directors, directors and senior management, as well as the competencies needed to be a director.

Humania Assurance applies governance rules that recognize the essential contribution of the Board of Directors to the organization’s success. Those rules define, among other things, the mandate and operational standards of its Board of Directors, the responsibilities of its directors and the mandates of statutory committees, and they ensure that the officers meet the highest ethical standards. They divide the tasks among the Board of Directors, the Board Chairman and the President and Chief Executive Officer, and they establish a variety of mechanisms to ensure integrated risk management, adequate internal controls and independent supervision of certain activities.

Compliance Policy

As an insurance company, Humania Assurance operates in a constantly evolving legislative, regulatory and normative environment. Management places the utmost importance on legislative and regulatory compliance and on prudent, sound management practices.

Humania Assurance has developed a compliance management policy toward establishing a management framework that includes measures to monitor and mitigate the risk of non-compliance with the regulatory environment. It enables members of the Board of Directors to be reasonably assured that Humania Assurance’s operations are carried out in accordance with the company’s regulatory environment.

The compliance management policy serves to:

  • outline the principles and components of the compliance management framework;
  • define the roles and responsibilities in the area of compliance;
  • meet the requirements established by regulatory authorities while adapting them to the reality of Humania Assurance;
  • build a common culture and shared vision of compliance.

Integrated Risk Management Policy

Humania Assurance operates in an environment where risk management is essential and intrinsic to conducting business. The existence of formal, integrated practices enables it to manage its risks in a uniform, progressive and dynamic approach.

Integrated risk management at Humania Assurance serves to:

  • identify, assess, manage and monitor, uniformly and consistently year-to-year, the risks that may hinder the company in attaining its strategic and operational objectives;
  • provide the necessary feedback to promote collaboration and horizontal risk management and facilitate the sharing of information regarding the risks throughout the organization;
  • create a risk management culture that uniformly and explicitly facilitates resource allocation and decision-making based on the company’s risk appetite as determined by the Board.

The integrated risk management policy provides a management framework that includes risk identification, assessment, oversight and mitigation measures, for the purpose of good governance.

Code of Ethics of the Canadian Life and Health Insurance Association (CLHIA)

Humania Assurance is a member of CLHIA and adheres to its code of ethics for members:

  1. To engage in keen, fair competition so that the public can obtain the products and services it needs at reasonable prices.
  2. To advertise products and services clearly and straightforwardly, and to avoid practices that might mislead or deceive.
  3. To ensure that illustrations of prices, values and benefits are clear and fair, and contain appropriate disclosure of amounts that are not guaranteed.
  4. To write all contracts in clear, direct language without unreasonable restrictions.
  5. To use underwriting techniques that are sound and fair.
  6. To pay all valid claims fairly and promptly and without unreasonable requirements.
  7. To ensure competent and courteous sales and service.
  8. To respect the privacy of individuals by using personal information only for the purposes authorized and not revealing it to any unauthorized person.

Statement of equitable treatment of consumers

The principles of sound commercial practice and equitable treatment of consumers apply to all of Humania Assurance’s commercial practices. They must guide the decision-making and daily actions of all the corporation’s employees. For Humania Assurance, having sound commercial practices means acting in a fair and responsible manner.

To this end, the following statement of equitable treatment clearly establishes Humania Assurance’s position.

Statement of equitable treatment

Humania Assurance adheres to the highest standards with regard to the equitable treatment of consumers. We are committed to providing our clients with clear, comprehensive information, fair and equitable treatment, diligent processing of claims and strict protection of their personal information.

Every client can expect to receive clear information on his or her insurance policy, the coverage it provides and the claims settlement process. Clients seeking complementary information are invited to refer to their insurance policy as well as their financial security advisor or our website.

Consumers are also welcome to bring forward any questions they might have regarding their insurance policy in order to better understand the guarantees it provides and the obligations it creates.

Any client wishing to submit a complaint concerning the service he or she has received is invited to do so through Humania Assurance’s complaint resolution process.